Common use of Distributions of Interest Funds Clause in Contracts

Distributions of Interest Funds. On each Distribution Date, the Interest Funds for such Distribution Date shall be allocated by the Trustee from the Distribution Account in the following order of priority, until such Interest Funds have been fully distributed: (i) concurrently, to the Class A-1 Swap Account and the Certificate Swap Account, as applicable, the amount of any Net Swap Payment due to the Swap Counterparty and the amount of any Swap Termination Payment due to the Swap Counterparty (other than a Swap Termination Payment due to a Swap Counterparty Trigger Event) under either Swap Contract with respect to such Distribution Date, pro rata, based on the amounts of any such payments; (including amounts remaining unpaid from previous Distribution Dates); (ii) concurrently to each Class of Senior Certificates, the Current Interest and Interest Carry Forward Amount for each of those Classes and that Distribution Date, pro rata, based on the amount of interest each Class is entitled to receive on that Distribution Date except, in the case of the Class A-1 Certificates, the Current Interest and Interest Carry Forward Amount paid pursuant to this clause (ii) will be calculated based on the lesser of the Pass-Through Rate of the Class A-1 Certificates and the Weighted Average Adjusted Net Mortgage Rate; and (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class X-0, Xxxxs M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, the Current Interest for each such Class and that Distribution Date; and (iv) for application as part of the Excess Cashflow for that Distribution Date, pursuant to Section 4.02(c) below, any such Interest Funds remaining undistributed for that Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar21)

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Distributions of Interest Funds. On each Distribution Date, the Interest Funds for such Distribution Date shall be allocated by the Trustee from the Distribution Account in the following order of priority, until such Interest Funds have been fully distributed: (i) concurrently, to the Class A-1 Swap Account and the Certificate Swap Account, as applicable, the amount of any Net Swap Payment due to the Swap Counterparty and the amount of any Swap Termination Payment due to the Swap Counterparty (other than a Swap Termination Payment due to a Swap Counterparty Trigger Event) under either Swap Contract with respect to such Distribution Date, pro rata, based on the amounts of any such payments; (including amounts remaining unpaid from previous Distribution Dates); (ii) concurrently to each Class of Senior Certificates, the Current Interest and Interest Carry Forward Amount for each of those Classes and that Distribution Date, pro rata, based on the amount of interest each Class is entitled to receive on that Distribution Date except, in the case of the Class A-1 Certificates, only to the Current Interest and Interest Carry Forward Amount paid pursuant to this clause (ii) will be calculated based on the lesser extent of the Pass-Through Rate of the Class A-1 Certificates and the Weighted Average Adjusted Net Mortgage Rate; and (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class X-0, Xxxxs M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, the Current Interest for each such Class and that Distribution Date; and (iv) for application as part of the Excess Cashflow for that Distribution Date, pursuant to Section 4.02(c) below, any such Interest Funds remaining undistributed for that Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar15)

Distributions of Interest Funds. On each Distribution Date, the Interest Funds for such Distribution Date shall be allocated by the Trustee from the Distribution Account in the following order of priority, until such Interest Funds have been fully distributed: (i) concurrently, to the Class A-1 Swap Account and the Certificate Swap Account, as applicable, the amount of any Net Swap Payment due to the Swap Counterparty and the amount of any Swap Termination Payment due to the Swap Counterparty Payments (other than a Swap Termination Payment due to a Swap Counterparty Trigger Event) payable to the Swap Counterparty under either the Swap Contract with respect to such that Distribution Date, pro rata, based on the amounts of any such payments; (including amounts remaining unpaid from previous Distribution Dates); (ii) concurrently to each Class of Senior Certificates, the Current Interest and Interest Carry Forward Amount for each of those Classes such Class and that Distribution Date, pro rata, based on the amount of interest each Class is entitled to receive on that Distribution Date except, in the case of the Class A-1 Certificates, the Current Interest and Interest Carry Forward Amount paid pursuant to this clause (ii) will be calculated based on the lesser of the Pass-Through Rate of the for each such Class A-1 Certificates and the Weighted Average Adjusted Net Mortgage Ratethat Distribution Date; and (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class X-0, Xxxxs M-5M-4, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 M-5 and Class M-11 CertificatesM-6 Xxxxxxxxxxxx, in that order, the Current Interest and Interest Carry Forward Amount for each such Class and that Distribution Date; and (iv) for application as part of the Excess Cashflow for that Distribution Date, pursuant to Section 4.02(c) below, any such Interest Funds remaining undistributed for that Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Flx3)

Distributions of Interest Funds. On each Distribution Date, the aggregate Interest Funds for such Distribution Date shall be allocated by the Trustee from the Distribution Account in the following order of priority, until such Interest Funds have been fully distributed: (i) concurrently, from the Interest Funds related to each Loan Group in the following priority: (A) to the Class A-1 Swap Account and the Certificate Swap Account, as applicable, the amount Allocable Portion of any Net Swap Payment due to the Swap Counterparty and the amount of any Swap Termination Payment due to the Swap Counterparty Payments (other than a Swap Termination Payment due to a Swap Counterparty Trigger Event) payable to the Swap Counterparty under either the Swap Contract with respect to such that Distribution Date, pro rata, based on the amounts of any such payments; (including amounts remaining unpaid from previous Distribution Dates); (iiB) concurrently to each Class of interest-bearing Senior CertificatesCertificates related to that Loan Group, the Current Interest and Interest Carry Forward Amount for each of those Classes such Class and that Distribution Date, pro rata, based on the amount of interest each Class is entitled to receive on that Distribution Date except, in the case of the Class A-1 Certificates, the Current Interest and Interest Carry Forward Amount paid pursuant to this clause (ii) will be calculated based on the lesser of the Pass-Through Rate of the for each such Class A-1 Certificates and the Weighted Average Adjusted Net Mortgage Ratethat Distribution Date; and (iiiii) the Interest Funds remaining undistributed from each Loan Group will be aggregated and distributed as follows: (A) concurrently, to each Class of interest-bearing Senior Certificates, pro rata, based on their respective entitlements for that Distribution Date, Current Interest and any Interest Carry Forward Amount remaining unpaid; (B) sequentially, to the Class M-1, Class M-2, Class M-3, Class X-0, Xxxxs Xlass M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 M-8 and Class M-11 M-9 Certificates, in that order, the Current Interest and Interest Carry Forward Amount for each such Class and that Distribution Date; and (iviii) for application as part of the Excess Cashflow for that Distribution Date, pursuant to Section 4.02(c) below, any such Interest Funds remaining undistributed for that Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Flx6)

Distributions of Interest Funds. On each Distribution Date, the Interest Funds for such Distribution Date shall be allocated by the Trustee from the Distribution Account in the following order of priority, until such Interest Funds have been fully distributed: (i) concurrently, to the Class A-1 Swap Account and the Certificate Swap Account, as applicable, Trust the amount of any Net Swap Payment due to the Swap Counterparty and the amount of any Swap Termination Payment due payable to the Swap Counterparty (other than a Swap Termination Payment due to a Swap Counterparty Trigger Event) under either Swap Contract with respect to such that Distribution Date, pro rata, based on the amounts of any such payments; Date (including amounts remaining unpaid from previous Distribution Dates); (ii) concurrently concurrently, to each Class of Senior Certificates, the Current related Interest and Distribution Amount, pro rata based on the Interest Distribution Amount for each such Class; (iii) concurrently, to each Class of Senior Certificates, the related unpaid Interest Carry Forward Amount for each of those Classes and that Distribution DateAmount, pro rata, based on the amount of interest each Class is entitled to receive on that Distribution Date except, in the case of the Class A-1 Certificates, the Current Interest and unpaid Interest Carry Forward Amount paid pursuant to this clause (ii) will be calculated based on the lesser of the Pass-Through Rate of the Class A-1 Certificates and the Weighted Average Adjusted Net Mortgage Rate; andfor each such Class; (iiiiv) sequentially, to the Class M-1, Class M-2, Class M-3, Class Xxxxx X-0, Xxxxs Xlass M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 M-8 and Class M-11 M-9 Certificates, in that order, the Current related Interest Distribution Amount for each such that Class and of Certificates for that Distribution Date; and (ivv) for application as part of the Excess Cashflow for that Distribution Date, pursuant to Section 4.02(c) below, any such Interest Funds remaining undistributed for that Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar29)

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Distributions of Interest Funds. On each Distribution Date, the Interest Funds for such Distribution Date shall be allocated by the Trustee from the Distribution Account in the following order of priority, until such Interest Funds have been fully distributedorder: (i1) prior to the termination of the Swap Contracts, concurrently, to each Swap Account, the amount of the Swap Fee payable to the Swap Counterparty under the related Swap Contract with respect to such Distribution Date, pro rata, based on the Swap Fee for each Swap Contract; (2) prior to the termination of the Swap Contracts, concurrently, to each Swap Account, interest on the related Swap Principal Amount at the related Swap Rate for that Distribution Date, pro rata based on their respective entitlements; (3) concurrently, to each Class of MTA Certificates, Current Interest and Interest Carry Forward Amounts, pro rata, based on their respective entitlements; provided, however, that prior to the Class A-1 termination of a Swap Account and the Certificate Swap Account, as applicableContract, the amount related Class of Swap Certificates shall be not entitled to any Net Swap Payment due distribution according to the Swap Counterparty and the amount of any this priority and, provided, further, that if a Swap Termination Payment due to the Swap Counterparty (other than a Swap Termination Payment due to a Swap Counterparty Trigger Event) under either is due to the Swap Contract with respect Counterparty pursuant to such Distribution Datethe terms of a Swap Contract, pro rata, based on the then any amounts of any such payments; (including amounts remaining unpaid from previous Distribution Dates); (ii) concurrently to each Class of Senior Certificates, the Current Interest and Interest Carry Forward Amount for each that would be distributed to the related Class of those Classes and that Distribution DateMTA Certificates will instead be distributed, pro rata, based on up to the amount of interest each Class is entitled such Swap Termination Payment, to receive on that Distribution Date except, in the case of the Class A-1 Certificates, the Current Interest and Interest Carry Forward Amount paid pursuant to this clause (ii) will be calculated based on the lesser of the Pass-Through Rate of the Class A-1 Certificates and the Weighted Average Adjusted Net Mortgage Rate; andrelated Swap Account; (iii4) sequentially, to the Class M-1X-0, Class M-2Xxxxx X-0, Class M-3, Class X-0M-4, Xxxxs Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 M-8 and Class M-11 M-9 Certificates, in that order, the Current Interest for each such Class and that such Distribution Date; and (iv5) for application any remainder as part of the Excess Cashflow for that Distribution Date, pursuant to Section 4.02(c) below, any such Interest Funds remaining undistributed for that Distribution DateCashflow.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oa7)

Distributions of Interest Funds. On each Distribution Date, the aggregate Interest Funds for such Distribution Date shall be allocated by the Trustee from the Distribution Account in the following order of priority, until such Interest Funds have been fully distributed: (i) concurrently, from the Interest Funds related to each Loan Group in the following priority: (A) to the Class A-1 Swap Account and the Certificate Swap Account, as applicable, the amount Allocable Portion of any Net Swap Payment due to the Swap Counterparty and the amount of any Swap Termination Payment due to the Swap Counterparty Payments (other than a Swap Termination Payment due to a Swap Counterparty Trigger Event) payable to the Swap Counterparty under either the Swap Contract with respect to such that Distribution Date, pro rata, based on the amounts of any such payments; (including amounts remaining unpaid from previous Distribution Dates); (iiB) concurrently to each Class of interest-bearing Senior CertificatesCertificates related to that Loan Group, the Current Interest and Interest Carry Forward Amount for each of those Classes such Class and that Distribution Date, pro rata, based on the amount of interest each Class is entitled to receive on that Distribution Date except, in the case of the Class A-1 Certificates, the Current Interest and Interest Carry Forward Amount paid pursuant to this clause (ii) will be calculated based on the lesser of the Pass-Through Rate of the Class A-1 Certificates and the Weighted Average Adjusted Net Mortgage Rate; and (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class X-0, Xxxxs M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, the Current Interest for each such Class and that Distribution Date; and (ivii) the Interest Funds remaining undistributed from each Loan Group will be aggregated and distributed as follows: (A) concurrently, to each Class of interest-bearing Senior Certificates, pro rata, based on their respective entitlements for that Distribution Date, Current Interest and any Interest Carry Forward Amount remaining unpaid; (B) sequentially, to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, the Current Interest and Interest Carry Forward Amount for each such Class and that Distribution Date; and (iii) for application as part of the Excess Cashflow for that Distribution Date, pursuant to Section 4.02(c) below, any such Interest Funds remaining undistributed for that Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Flx4)

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